S.Korea Oct 1-10 exports plunge 28.8% y/y due to fewer working days

SEOUL, Oct 12 (Reuters) - South Korea’s exports for the first 10 days of October plunged near 30% as fewer working days due to the nation’s Chuseok holiday outweighed strong chip demand.

Exports for the first 10 days of the month tumbled 28.8% from the same period a year earlier, according to Korea Customs Service data on Monday, far worse than a 0.3% slide in the Sept. 1-10 period. Imports also dropped 19.5%.

But eliminating the calendar effect, outbound shipments rose 2.8% from a year earlier.

Data also showed overseas sales of semiconductors, the nation’s top export item, jumped 11.2% during the period, while exports to China, the country’s biggest trading partner, fell 20.9%. (Reporting by Joori Roh; Editing by Himani Sarkar)